The seasonally adjusted pace of existing-home sales in the U.S. increased 4.9 percent from April to May, the highest monthly gain in over three years. That being said, the pace of sales remains 5.0 percent lower on a year-over-year basis and inventory is higher by 6.0 percent.

The pace of existing-home sales in the West rose 0.9 percent from April to May but is now 11.4 percent lower on a year-over-year basis versus 10.0 percent lower the month before.